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Old 07-17-2020, 10:07 PM
 
36 posts, read 53,490 times
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I know and love north Dallas (frisco, prosper, Allen, Fairview, etc). Should I rent for a year or buy now? Worried about a real estate crash but rates are so low now. Anyone have a crystal ball?

I don’t need to rent to get a feel for the areas. Been gone only briefly. Can’t stay away.
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Old 07-18-2020, 02:01 AM
 
932 posts, read 543,590 times
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Rent
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Old 07-18-2020, 03:33 AM
 
Location: DFW
40,951 posts, read 49,189,517 times
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No the market's not going to crash, too many people moving to DFW.
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Old 07-18-2020, 08:16 AM
 
236 posts, read 154,934 times
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Quote:
Originally Posted by Rakin View Post
No the market's not going to crash, too many people moving to DFW.
You are missing one thing IMO and that is potential foreclosures. With UE rising and people not able to afford their mortgages what does that do to supply in the next 12 months?
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Old 07-18-2020, 08:35 AM
 
19,793 posts, read 18,085,519 times
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Originally Posted by CHRockwell View Post
You are missing one thing IMO and that is potential foreclosures. With UE rising and people not able to afford their mortgages what does that do to supply in the next 12 months?
We'll have to see what the latest Covid uptick does to local U3. But DFW U3 over June had recovered significantly.

My guess is there will be headwinds and some foreclosures but not the wholesale washout some predict.
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Old 07-18-2020, 09:02 AM
 
236 posts, read 154,934 times
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Quote:
Originally Posted by EDS_ View Post
We'll have to see what the latest Covid uptick does to local U3. But DFW U3 over June had recovered significantly.

My guess is there will be headwinds and some foreclosures but not the wholesale washout some predict.
I think you are right, but the unknown is how many people are in a dire financial situation. I just don't know personally. Some may depend on any stimulus package. I think we are also going to need to see what companies do when they look at Q2/Q3 revenue numbers and if they are worse off than they anticipated we could see some increases in layoffs.
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Old 07-18-2020, 10:20 AM
 
44 posts, read 39,112 times
Reputation: 92
You don't need to speculate or listen to financially motivated real estate agents....

CoreLogic produces the Case Shiller index for housing:
https://www.corelogic.com/insights-d...ice-index.aspx

The CoreLogic HPI Forecast indicates that home prices will decrease on a month-over-month basis by 0.1% from May 2020 to June 2020, and decrease 6.6% on a year-over-year basic from May 2020 to May 2021. 2021 will mark the first year home prices are expected to decline in more than nine years.


This includes a drop for Dallas. It won't be terrible I'm sure, but if you have a few months on the lease... I'd wait instead of buying in this FOMO frenzy.

Lastly, do the math and factor in where you are in your life (housing is emotional and financial investment). If buying today is important, paying rent waiting for a drop in prices doesn't always make sense either.

Mic drop.
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Old 07-18-2020, 10:55 AM
 
19,793 posts, read 18,085,519 times
Reputation: 17279
Quote:
Originally Posted by cheapaustinite View Post
You don't need to speculate or listen to financially motivated real estate agents....

CoreLogic produces the Case Shiller index for housing:
https://www.corelogic.com/insights-d...ice-index.aspx

The CoreLogic HPI Forecast indicates that home prices will decrease on a month-over-month basis by 0.1% from May 2020 to June 2020, and decrease 6.6% on a year-over-year basic from May 2020 to May 2021. 2021 will mark the first year home prices are expected to decline in more than nine years.


This includes a drop for Dallas. It won't be terrible I'm sure, but if you have a few months on the lease... I'd wait instead of buying in this FOMO frenzy.

Lastly, do the math and factor in where you are in your life (housing is emotional and financial investment). If buying today is important, paying rent waiting for a drop in prices doesn't always make sense either.

Mic drop.
Pick that mic back up.

Corelogic has been wrong about the DFW market for years.


ETA - too often people overvalue home prices and trajectories and they undervalue mortgage rates.

Right now average rates are a shade under 3%. If I were in the market or contemplating a buy that factor alone would drive me to action right now.

In other words trying to save 3 or 4% or 6% on price while rates likely tick up at the same time is pretty foolish.

Last edited by EDS_; 07-18-2020 at 11:03 AM..
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Old 07-18-2020, 11:25 AM
 
468 posts, read 475,781 times
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Quote:
Originally Posted by CHRockwell View Post
You are missing one thing IMO and that is potential foreclosures. With UE rising and people not able to afford their mortgages what does that do to supply in the next 12 months?
Dem Blackstones and Blackrocks gettin free money from the Fed. They gonna scoop up foreclosures in bundles especially in Dallas. Why you think they are in Plano. And I've met other wall st guys setting up shop in Plano too, on a smaller scale partnering with local Brokers. Good luck
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Old 07-18-2020, 12:01 PM
 
236 posts, read 154,934 times
Reputation: 176
Quote:
Originally Posted by Peter5457 View Post
Dem Blackstones and Blackrocks gettin free money from the Fed. They gonna scoop up foreclosures in bundles especially in Dallas. Why you think they are in Plano. And I've met other wall st guys setting up shop in Plano too, on a smaller scale partnering with local Brokers. Good luck
What about premforeclosure
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